Group 1 - The core viewpoint of the announcement is that Chongqing Bank's A-share convertible bonds maintain a stable credit rating of "AAA" for both the bond and the issuer [1][2] - The previous rating was also "AAA" with a stable outlook, indicating consistency in the bank's creditworthiness [1][2] - The convertible bonds, known as "Zhongyin Convertible Bonds" (code: 113056), are still eligible for pledge-style repurchase transactions [1][2] Group 2 - The credit rating agency, United Credit Ratings Co., Ltd., conducted a comprehensive analysis of the bank's operational status and industry conditions before issuing the latest rating report [2] - The latest rating report was issued on May 20, 2025, confirming that there has been no change in the ratings since the previous assessment on May 31, 2024 [2] - The announcement is in compliance with relevant regulations regarding the issuance and trading of corporate bonds [1]

特此公告。 重庆银行股份有限公司董事会 2025 年 5 月 20 日 1 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆银行股份有限公司（以下简称"本行"）于 2025 年 3 月 4 日在上海证券 交易所网站（www.sse.com.cn）披露了《关于股东权益变动的提示性公告》（公 告编号：2025-012）。为深化国有资本授权经营体制改革，增强国企战略协同、 业务协同，促进国企高质量发展，重庆渝富资本运营集团有限公司（以下简称"渝 富资本"）控股股东重庆渝富控股集团有限公司拟通过增资及国有股权无偿划转 方式合计取得重庆机电控股（集团）公司（以下简称"机电控股"）80%股权， 机电控股通过国有股权无偿划转将持有重庆轻纺控股（集团）公司（以下简称"轻 纺集团"）100%股权。上述事项完成后，渝富资本及其一致行动人的构成将发生 变动，机电控股及其通过轻纺集团间接控制的本行股东企业将成为渝富资本的一 致行动人。 近日，本行收到渝富资本通知，上述增资及无偿划转事项的工商变更登记手 续已办理完成。 证券代码：601963 证券简 ...

重庆银行股份有限公司 公开发行 A 股可转换公司债券 2025 年跟踪评级报告 | | | www.lhratings.com 联合〔2025〕3273 号 联合资信评估股份有限公司通过对重庆银行股份有限公司及其 可转换公司债券的信用状况进行跟踪分析和评估，确定维持重庆银 行股份有限公司主体长期信用等级为 AAA，维持"重银转债"信用 等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受重庆银行股份有限公司（以下简称"该公司"） 委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系外，联 合资信、评级人员与该公司不存在任何影 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-037 可转债代码：113056 可转债简称：重银转债 重庆银行股份有限公司 关于诉讼事项的进展公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 因认为重庆爱普地产（集团）有限公司债券发行披露文件中存在虚假陈述行 为，本行已向法院提起诉讼，目前案件尚未进入实体审理阶段。相关情况详见本 行于 2023 年 12 月 23 日、2024 年 7 月 5 日在上海证券交易所网站（www.sse.com.cn） 披露的《重庆银行股份有限公司关于诉讼事项的公告》（公告编号：2023-064） 和《重庆银行股份有限公司关于诉讼事项的进展公告》（公告编号：2024-039）。 一、本次诉讼的进展情况 成渝金融法院就本案作出（2023）渝 87 民初 1156 号《民事裁定书》，经审 查认为，成渝金融法院对本案没有管辖权，本行应向中国国际经济贸易仲裁委员 会提请仲裁，并裁定驳回本行起诉。本行不服一审法院作出的《民事裁定书》， 1 案件所处的诉讼（仲裁）阶段：最高 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-035 可转债代码：113056 可转债简称：重银转债 重庆银行股份有限公司 关于 A 股可转换公司债券 2025 年跟踪评级结果的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1 前次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 本次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 根据本次评级结果，重庆银行股份有限公司（以下简称"本行"）A 股可转换 公司债券（以下简称"重银转债"，代码：113056）仍可作为债券质押式回购 交易的质押券 本次信用评级报告《重庆银行股份有限公司公开发行 A 股可转换公司债券 2025 年跟踪评级报告》详见上海证券交易所网站（www.sse.com.cn）和本行网站 （www.cqcbank.com）。 特此公告。 重庆银行股份有限公司董事会 2025 年 5 月 20 日 2 根据《上市公司证券发行注册管理办法》《公司债券发行与交易管理办法》《上 海证券交易所公司债券上市规则》等有 ...

行 业 研 究 DONGXING SECURITIES 其他非息拖累盈利，息差下行压力趋缓 ——上市银行25Q1业绩总结 | 分析师 | 林瑾璐 | 联系方式：021-25102905 | 执业证书编号：S1480519070002 | | --- | --- | --- | --- | | 分析师 | 田馨宇 | 联系方式：010-66554013 | 执业证书编号：S1480521070003 | 东兴银行团队 2025年5月16日 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 摘要 业绩概览：营收净利润增速总体转负，优质城农商行业绩领跑。25Q1上市银行营收、净利润同比分别-1.7%、-1.2%，增速较24A下滑1.8pct、3.5pct。盈利边际走弱， 主要拖累是债市调整带来的其他非息收入增速大幅下滑，以及拨备反哺力度减弱。好的方面是，净息差降幅收窄；资产增速相对稳定；低基数下中收降幅收窄。各类银 行表现分化：城农商行领跑，整体实现正增长，主要得益于规模增速提升，息差降幅收窄，以及中收增速转正。国有行相对偏弱，主要是规模增速放缓、息差降幅偏大， 净利息收入降幅扩大。股份行盈利表现最弱 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that the overall operating income, pre-provision profit, and net profit attributable to shareholders of listed banks for 2024 are expected to grow at rates of 0.08%, -0.72%, and 2.35% respectively. In Q1 2025, these growth rates are projected to decline to -1.72%, -2.15%, and -1.20%, indicating a downward trend in performance due to the impact of interest rate adjustments and market fluctuations [3][10][13] - The report emphasizes that the non-interest income growth of banks has slowed down due to market volatility, which has affected trading positions and overall performance [4][10] - The asset quality of listed banks is showing slight improvement, with the non-performing loan ratio decreasing from 1.24% in 2024 to 1.23% in Q1 2025, and the overall provision coverage ratio remaining stable around 239.91% in 2024 and 237.92% in Q1 2025 [4][10][13] Summary by Sections 1. Impact of Repricing and Market Fluctuations - The report notes that the combination of repricing impacts and market volatility has led to a decline in performance for Q1 2025, with significant drops in revenue and profit growth rates compared to 2024 [3][10] - The performance of city commercial banks has been notably better than other types of banks, with positive revenue growth in both 2024 and Q1 2025 [10][13] 2. Growth of Interest-Generating Assets - The growth rate of interest-generating assets for listed banks was 0.44% in 2024, with a slight increase to 0.79% in Q1 2025. However, the growth in deposits remained stable at 5.59% in 2024 and 6.22% in Q1 2025 [4][10] 3. Interest Margin Performance - The report indicates that both the yield on interest-generating assets and the cost of interest-bearing liabilities have decreased significantly in Q1 2025, affecting the interest margin performance across banks [4][10] 4. Non-Interest Income Growth - Non-interest income growth for listed banks was 6.71% in 2024, but it fell to -1.87% in Q1 2025, primarily due to the impact of market conditions on fee income and other non-interest revenues [4][10] 5. Asset Quality Improvement - The report highlights a slight improvement in asset quality, with a marginal decrease in the non-performing loan ratio and stable provision coverage ratios, indicating a cautious but positive trend in credit quality [4][10][13] 6. Investment Recommendations - The report suggests focusing on major state-owned banks such as Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications, as well as regional banks like Chongqing Bank and Chengdu Bank, which may benefit from supportive fiscal policies [5][10]

Investment Rating - The overall industry investment rating is "Positive" for state-owned banks, joint-stock banks, and regional banks [3][40]. Core Views - Incremental policies are stabilizing market expectations, enhancing the allocation value of the banking sector. The banking sector remains attractive as a dividend asset under a moderately loose monetary policy environment [5][36]. - Recommended stocks include: CITIC Bank (Increase), China Merchants Bank (Buy), Chongqing Bank (Increase), and Yunnan Rural Commercial Bank (Buy) [3][38]. Market Review - The Shanghai Composite Index and CSI 300 Index saw weekly changes of 1.92% and 2.00%, respectively. The Shenwan Banking Index increased by 3.88%, outperforming the CSI 300 by 1.88 percentage points, ranking 4th among Shenwan's primary industries [12][11]. - The performance of various banking sectors was as follows: state-owned banks increased by 1.75%, joint-stock banks by 5.33%, city commercial banks by 3.80%, and rural commercial banks by 3.47% [12][11]. Data Tracking - As of May 9, 2025, the banking sector's PB-LF valuation was 0.67 times, at the 74.10 percentile level over the past five years. The median dividend yield for individual stocks was 4.53%, exceeding the 10-year government bond yield by 2.90 percentage points [4][21]. - The total social financing stock was 424 trillion yuan, with a year-on-year increase of 8.70%. The loan and deposit balances of Chinese banks were 258.36 trillion yuan and 293.94 trillion yuan, respectively, with year-on-year increases of 7.73% and 7.99% [4][34]. Industry Dynamics - The People's Bank of China released the "2025 Q1 Monetary Policy Implementation Report," emphasizing the need for macroeconomic stability and the implementation of moderately loose monetary policies to support economic recovery [33][35]. - A comprehensive financial policy package was announced by the People's Bank of China, the Financial Regulatory Administration, and the Securities Regulatory Commission to stabilize the market and expectations, providing strong financial support for economic recovery [36][37].

编 辑丨巫燕玲 5月1 5日，A股震荡回调，但银行板块整体表现仍相对强势， 农业银行、浦发银行等多只银行 股创历史新高。银行板块总市值突破1 0万亿元大关，再创历史新高 。 市场有观点认为，这背后或与公募和险资抢筹银行股有关。 其逻辑之一是部分银行股息率高企，引发险资抢筹配置需求。 另外一部分逻辑，则与5月7日发布的《推动公募基金高质量发展行动方案》（下称《行动方 案》）有关。有市场人士称，在《行动方案》中，基金经理薪酬与业绩挂钩。主动权益基金 通 常 会 选 取 沪 深 3 0 0 等 代 表 性 宽 基 指 数 作 为 业 绩 基 准 ， 而 沪 深 3 0 0 指 数 中 银 行 板 块 权 重 高 达 1 3 . 6 7%。因此，为了不让净值与业绩比较基准偏离太多，基金在加速回补低配的银行股，才 导致了金融板块的抢货潮。 银行股创新高 截自5月1 5日，申万一级银行指数今年以来上涨8 . 0 2%，重庆银行、渝农商行、青岛银行、上 海银行、齐鲁银行等更是暴涨逾2 0%。 作 者丨庞华玮 工商银行、建设银行、农业银行、中国银行等四大行，以及浦发银行、光大银行、上海银行 等股份制银行和城商行也均在近期创出 ...

Core Viewpoint - The recent surge in bank stocks has made them a prominent feature in the A-share market, driven by high dividends, low valuations, and their safe-haven characteristics amid uncertainty [2][4]. Group 1: Market Performance - The China Securities Bank Index reached a high of 7751.80 points on May 15, 2023, following a nearly 7% increase over the previous six trading days [2]. - The total market capitalization of A-share banks surpassed 10 trillion yuan, increasing by 600 billion yuan from the beginning of the year [3]. - Year-to-date, the bank sector has risen over 8%, ranking fifth among all primary industries, with several banks experiencing gains exceeding 20% [5]. Group 2: Investment Drivers - Recent policy changes, including interest rate cuts and the expansion of financial asset investment companies, have contributed to the positive sentiment towards bank stocks [6][7]. - The new public fund assessment mechanism is expected to increase the allocation of funds to bank stocks, as active equity funds are likely to reduce their deviation from benchmark indices [8]. Group 3: Institutional Buying - Insurance funds have been actively increasing their holdings in bank stocks, with significant purchases noted in several banks this year [9]. - High dividend yields remain a key attraction for insurance investors, with many bank stocks offering yields above 4% [9]. Group 4: Risks and Challenges - Despite the positive outlook, there are concerns regarding the sustainability of bank stock performance, as factors such as narrowing interest margins and asset quality issues in retail lending pose risks [11][12]. - The overall non-performing loan ratio is rising, particularly in personal loans, indicating potential stress in the banking sector [12].